GBfoods, a food company headquartered in Spain, announced today that it has entered into exclusive final negotiations with CVC Fund V following a firm offer made by GBfoods for the acquisition of the European group Continental Foods.

Continental Foods was established in 1933 as a division of the Campbell Soup Company and was acquired by CVC Fund V in 2013. With a turnover of around 400 million euros and a team of over 1,000 employees, it operates in five key European markets: Belgium, where also its HQ is located, France, Germany, Sweden and Finland. Continental Foods owns a portfolio of iconic local consumer brands such as Liebig, Royco, D&L, Erasco and Blå Band, among others, with a long heritage and brand awareness among consumers.

Commenting on the transaction, Ignasi Ricou, CEO of GBfoods, said: "GBfoods is delighted to have entered into exclusive final negotiations for the acquisition of Continental Foods. Continental Foods is a great group of very similar culture to GBfoods, complementary markets, local culinary brands, a long heritage and a great team."

Steven Buyse, Partner at CVC Capital Partners, added: "We are proud of the transformation that the management team at Continental Foods has realised under CVC Fund V's ownership. Continental Foods is a fantastic company and would be a great addition to GBfoods, who share the same passion for local brands."

The GBFoods was advised by AZ Capital, PWC, and Clifford Chance. CVC Fund V was advised by UBS, ING and Cleary Gottlieb Steen & Hamilton LLP.